~ COOP' is truly the result of the WMI Reorganization ~ ...
That in and of itself, makes COOP financially relevant ... and the foundational basis for what I will continue to do’ ... and, I will continue to gain as much knowledge as possible regarding these WMI / COOP Financially relevant forward moving issues' ...
I never expected the powerful response that I received for answering the "the Question" (post # 563201 ), that question which I never felt comfortable answering, but I finally did' ... Thank You Very Much' To All' Of You for your kind responses ... yes those were troubled times in our country'
So, this morning I would like to post some information regarding a portion of what I've been working on ... The Original WMI Capital Trusts' ... I'm finding four base units and then sub-sets for each of them' ... I think of them as "The Posit" referred to by Judge Walrath back in 2011' ...
So, to give an idea to everyone, I will present One' of them, and then I will present what the documents state happens ... If ?' ... WMI were ever to find the need to file for bankruptcy' ... but first',
* Tranche 4 the Plan 7 allowed WMI Senior Indebtedness' has been paid, and according to the Plans Attachment H', Tranche 5 Is' Rule 510 "Subordination" ... That's Important' to understand ... as announced on 02/25/2019 "All Tranche 4 Claims Have Been Paid In Full"
* A small example of the originating documents;
"In the second quarter of 2001, Washington Mutual Capital Trust 2001 (the "Trust"), a wholly-owned subsidiary of Washington Mutual, Washington Mutual, Inc. issued to the Trust $1,185 million of 5.375% subordinated debentures, due in 2041."
(Wells Fargo Bank took over at arms length and became the "Property Trustee / Indentured Trustee" when WMI Filed for bankruptcy on 09/26/2008) ...
"Upon any voluntary or involuntary liquidation or bankruptcy of Washington Mutual, the Property Trustee, as holder of the debentures, would be a subordinated creditor of Washington Mutual, subordinated in right of payment to all Senior Indebtedness as set forth in the indenture, but entitled to receive payment in full of principal and interest before any stockholders of Washington Mutual receive payments or distributions. The positions of a holder of preferred securities and a holder of the debentures relative to other creditors and to stockholders of Washington Mutual in the event of liquidation or bankruptcy of Washington Mutual should be substantially the same."
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I hope this has been helpful,
JPMC got all that was WaMu for $1.8 b ?, ... Nope Not hardly
COOP the reorganized WMI', is only an empty shell corp. with some NOL's ?, ... Nope Not hardly
AZ
AI
